********** Reading in Iraq an agreement with the International Monetary Fund

6/29/2016 0:00

 Mohammed Sharif Abu Mayssam


Well I did when the government made it clear, and in the words of the official spokesman for the Prime Minister, the merits of the loan to be submitted by the International Monetary Fund for Iraq, which was raised around a lot of confusion.


It is important here disengagement of intentionality in the media hype, made by the enemies of all that is wholesome for Iraq in order to damage and create more chaos and confusion, and between reading for meaningful and constructive debate that looks at the national conscience for the benefit of the country and people in the thorny file has been associated in developing countries, motives and objectives political donors, motivated produced economic and social crises raging in possession of all the elements of continuity crisis and create objective conditions for the outbreak of another crisis more severe in order dependence of the economies of those countries in favor of the triad of globalization (IMF, World Bank, World trade Organization) and Ihrkhma.


It is also important to know the benefits that can be achieved by the country, in getting loans at interest rates is said to have a low of 1.5 percent a year (without the knowledge of The delay interest rate that would result from the failure to pay on time the details), if we know that the value of the loan is $ 5.4 billion.


Data released confirms that this loan will help reduce the «Extra» deficit in the state budget, the impact of the drop in oil prices, and to follow the procedures help reduce the total deficit in the state budget.


It is known that the planned budget deficit amounted to 24.2 trillion dinars, equivalent to $ 20 billion, while approaching the extra deficit caused by low oil prices and increasing costs of the war on terror from the same number, and indicate the statements that the loan will be given over five years means The estimated $ 1.08 billion annual value of the loan, this figure accounts for about 2.5 percent of the value of the boat deficit ..


It therefore does not deserve all the hype and all this package of reform requirements that perpetuate the existence of the parasitic classes that Aatacht and matured on the body of the national Alaqsad and jeopardize the economic decision for the benefit of creditors, and the first was that the money supply beyond the trading which are estimated at 31 trillion dinars activation, and this is what when we said was the World Bank's loan of $ 6 billion and that the department about five years and also enclose a package of requirements that had to stop, including government jobs for three consecutive years and the privatization of the public sector is fully aroused suspicion on the future of sector Oil.


And what's more surprising in the relevant authorities remarks, with regard to the promotion of the creditworthiness of Iraq, and raise the credit rating, and the stranger in this matter is that the credit rating agencies the world often rely debt owed by creditors size of the credit rating downgrade and not vice versa, as It insists on the relevant authorities that this agreement will contribute to building a financial umbrella pave the way for the seven major industrial countries to provide credit facilities for Iraq, and here it is becoming increasingly blurred! Who holds this parachute and where it came from? As long as Iraq is suffering from an additional deficit in the public budget, eight credit rating is very important in trade exchanges, so why focus on the importance in obtaining loans? If the perception is based on the grounds that Iraq is rich and able to repay the debt a country, it is the first that this criterion depends advance in the credit rating agencies without going into these requirements that the movement of political and economic decision recorded in the days ahead, and raises the question and strangeness more that this religion be a factor in opening the doors of assistance such as access to additional financial support from the World Bank and other countries, and the provision of facilities aimed at easing the burden of the payment of Iraq's previous commitments with the Paris Club, as well as those relating to the payment of international financial obligations
Other.


It's good news, but we have the right to ask and we are aware of the story of mortgaging the sovereignty and the future of many developing countries indebtedness capped a big firm of requirements, you abandoned global capitalism from the logic of cash accumulated in developing countries run in order to turn a profit and to ensure the continued survival of these countries in the system cabinets capitalism




 Global?
Here we have to remember, that the debt of developing countries were not exceed more than $ 50 billion in 1968, but it had accumulated very rapidly to more than 500 trillion dollars by the year 2010 due to the so-called external debt service (premiums and benefits) that eat up a large part of cash resources achieved by the developing countries' exports.


With the sharp rise in the external debt stock increased external debt service is $ 22 billion in 1974 to $ 76.6 billion in 1980, and to $ 536 billion in 1987, and so countries entered the city on a treadmill over its inability to meet its financial obligations in their set because you have to request new loans and the conditions more difficult for the payment of premiums and benefits of loans Old.


The fact that 90 percent of the debt owed by developing countries is only the benefits that the real debt has been paid in the form of premiums and benefits, and in this way dependent upon the fate of the economies of those countries, however, based on the triad
To globalization.


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